Your Paymaart Identity
To ensure a safe and secure experience on Paymaart, we require that you provide a valid government-issued ID (passport, national ID card or driver’s licence) or an identity verification document from a recognised employer, educational institution, or traditional authority. This step, called Know Your Customer (KYC) Registration, helps prevent identity fraud and confirms that you are who you claim to be.
Your Facial (Biometric) Identity
During the account opening process, we ask you to take a photo of your face (called a “Selfie”), to verify that you are opening the account yourself. This additional step helps prevent identity fraud and adds an extra layer of verification to ensure, once again, that you are who you claim to be.
Your Login
When you register for a Paymaart account, we will generate a unique Paymaart ID for you. This ID will appear on all transaction notices and is used to identify your account to beneficiaries and senders of e-payments on our platform. You can use your Paymaart ID to securely login to the Paymaart app. You can also use your verified phone number or email address as your login, along with a PIN or password, to login to your Paymaart account securely.
Your PIN/Password
To secure your account, we issue a unique six-digit PIN that only you should know. This PIN is sent to you via email when you first register for your Paymaart account. Additionally, you can use a password instead of a PIN. We will ask you to answer three security questions to which only you know the answers, for use when requesting a change to your PIN/Password. We also require your PIN/password to authorize any changes to your account information.
Payments to Un-registered Users
When you send money to a beneficiary who is not a Paymaart member, we will ask you to confirm their full name. We will then verify this name is confirmed in an official ID, presented by the named beneficiary, before releasing the payment. This is to ensure you are not being scammed. If your intended beneficiary is unable to substantiate their identity, within seven days, the payment will be reversed to you.
Transaction Alerts
We keep you updated on all your transactions through real-time in-app notifications, emails, and SMS messages (for feature phone users). This ensures that you are always aware of what is happening with your money.
Security and Confidentiality
We use the highest level of encryption to protect your personal information, including your identity and confidential account details. We do not share your information with unauthorized third parties and would never sell your information.
Protecting Your Money
All cash balances in your Paymaart account are placed in trust accounts held in Malawi banks, established for this purpose. Paymaart warrants that at all times, the total balance held in its trust accounts is equal to at least 100% of the total outstanding or unclaimed cash balances of all Paymaart members using its e-payment services.